30 Year Fixed Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.
Other loan options, such as adjustable-rate mortgages (ARMs) or shorter fixed terms like 15 years, may offer lower initial rates and help you save on interest if you don’t plan to keep the loan long term. The right choice depends on your goals—whether that’s lower monthly payments, paying off your home faster, or maximizing long-term stability.
30 Year Fixed Mortgage Characteristics
1) A 30-year fixed-rate mortgage comes with an interest rate that never changes throughout the entire life of the loan, giving you long-term stability
2) Your monthly principal and interest payments stay the same from the very first payment to the last, which makes managing your budget much easier
3) Because the repayment term is stretched out over 30 years, your monthly payments are lower and more affordable compared to shorter loan options
4) The trade-off for the lower monthly payment is that you will end up paying more total interest over the life of the loan than you would with a shorter term
5) The consistency of fixed payments provides peace of mind and makes it simple to plan your finances year after year
6) This type of mortgage is the most popular choice for homebuyers in the United States, thanks to its balance of affordability and predictability
7) It is often the best fit for buyers who plan to stay in their home for seven years or longer, since the stability outweighs the cost of interest over time
8) Because payments are spread across three decades, it takes longer to build home equity compared to shorter-term loans like 15- or 20-year options
5) VA loans do not require mortgage insurance, which can save borrowers money on their monthly payments
6) VA loans have flexible credit requirements, which can help borrowers with less-than-perfect credit still qualify for a mortgage
7) VA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
8) VA loans allow for options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
Disclaimer: Johnnie Fleming, NMLS #1177346 – NEXA Mortgage ("LD," "We," "Us," "Our") is exempt from mortgage and NMLS licensing for the states we lend in. Our loan products require a business purpose, and the property must be used as a non-owner-occupied investment property, also known as a rental property. Our rates, loan terms, and loan conditions are only offered to qualified borrowers, and may vary based on loan product, credit score, real estate investment experience, deal structure, property state, and several other applicable considerations. Our rates, loan terms, and quotes, are subject to change daily, at any time, with or without notice. Loans requiring less documentation may result in a higher interest rate and higher annual percentage rate ("APR").
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